Government officials Employee regular earnings are calculated as ____. The general journal entries will be in what order Payroll-related transactions contain both expenses and liabilities of a company. NALS: Ch. Q. a. must use the exact amounts withheld in order to balance the appropriate accounts (FICA, FUTA, SUTA, etc.) -Marital status Have you prepared the financial statements and managerial reports? Payroll costs represent an expense of the business. Which column exists in the employees' earnings records but not in the payroll register? Credit Protection Act. Payroll Accounting Final Exam Study Guide Part 1 - Quizlet B) completing the journal entry to record the payroll. E) 26.85. B) Payroll Taxes- Cash If Joanna is single with three exemptions and brings home $845.00/week, what amount will go towards the garnishment each week (manually calculate)? Payroll Taxes Payment of voluntary withholdings, Payment of statutory withholdings A) FUTA tax Have you disbursed the employees' pay? process of transferring amounts from the journal to the ledger is called posting; debit to an account in a journal transaction is a debit to that account in the ledger; ledger contains info about the individual accounts used in the journal transactions. -when entries increase the account balance E) Union dues withheld, 17. union negotiations. Record used in preparing employee's W-2. Under the Civil Rights Act of 1964 and the Age Discrimination in Employment Act, which of the following questions may not be asked by an employer during pre-hire inquiries? b.The employee 480.58 (B) payroll . Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2021 assuming this project does not qualify for revenue recognition over time. social security tax payable general accounting, Fritz Industries accrued payroll state withholding of $1,234 for the current payroll. (b) The second group will assess whether Tipton and Seferi can assert a defense by claiming that they did not know that the workers were unauthorized aliens. b. should discharge any employee receiving a wage garnishment. would be used for reporting, All of the following are examples of payroll liabilities except: The FICA taxes on the employer represent both business expenses and liabilities of the employer. true or false: The larger the number of withholding allowances claimed, the larger the amount of income tax withheld. pay cards. Which of the following are true about the general ledger? True false question. 2. 1. The employee earns more than the federal. Amounts withheld from employees' wages for health insurance are credited to a liability account. Debits show increases to B) False, FICA Taxes PayableHI is a liability account in which is recorded the liability of the employer State unemployment tax Lowest 7 percent. a.They must disclose to the job applicant that they are seeking an investigative report. How does a payroll accountant use the information in the General Ledger? Company management, True or false: Payroll reports help managers to determine payroll staffing needs. (B) Total Earnings column. Tipton and Seferi were charged with hiring and harboring undocumented aliens. They were paid in cash while other employees were paid by check. a. can take 50% of an employee's disposable income for child support payments. \text{Over 90 days}&\text{\hspace{5pt}15,330}&\text{25\\\%}\\ -journal entries to post one-sided. expenses, assets, liabilities. E) a child support order, 15. (D) accumulated earnings. The adjusting entry to record the accrued vacation pay at the end of an accounting period includes credits to the tax withholding liability accounts. Medicare tax Tags: Question 11 . Which of the following is true about the employer responsibility for payroll taxes? Multiple select question. Revenues area, Liabilities area A deduction from total earnings for each person legally supported by a taxpayer, including the employee. Have you included any other mandatory deductions? Union Dues. 13. Payroll transactions will have an effect on: A relationship, specifically financial, built on trust between a trustee and a beneficiary. (3), True or False: The timing of payroll tax payments is based on the amount owed. Wages Expense FUTA Taxes Payable $74.26 (1), True or False: A business deposits the total of gross wages in a separate payroll checking account. Multiple choice question. (C) a liability account Payment of voluntary withholding, When payday is after the end of the month How are the funds used which are provided by FUTA and SUTA? (C) annually. D) preparing reports required by state unemployment compensation laws. b. is used to record the company's' liability to injured workers. D. payroll. bottles of juice cocktails? (B) payroll journal. a.The Self-Employment Contributions Act sets the minimum wage and the current minimum wage rate is $9.19 per hour. (B) a receipt. (C) gross earnings. bank reconciliation. management/department heads The entries into the first pair of debit and credit columns for State Income Tax Payable will be: Gross earnings. Wages Payroll, Which of the following items would require an adjusting entry at the end of each accounting period? Additionally, information from the payroll register is used to complete payroll entries in the General Journal A credit increases which of the following types of accounts? c. state taxes. A) collecting the timesheets for the days accrued. In the garnishment process, federal tax levies take secondary priority to wages withheld for child support orders. B) False, Net pay" is sometimes known as "take-home" pay. -Employee review date, What changes should be included in the employee earnings record? FUTA Taxes Payable is an expense account in which are recorded the employer's federal unemployment taxes. d. companies are allowed to automatically enroll employees in the company's retirement plan. a. B. Taxes Payable is credited for the total taxes owed (FICA, FUTA, and SUTA). requires deduction from employee paychecks . Multiple choice question. Withholding's for a 401(k) plan one-sided journal entries. \hline\\ What taxes would be monitored for maximum withholding amounts through the payroll register? -account number and date, Where will entries for payroll show in the trial balance? (C) yearly true or false:The investment income in a Roth IRA is not subject to federal income taxes when withdrawn. Overtime pay is paid for hours worked in excess of eight hours per day. true or false: When an employee's earnings exceed the tax base, no more social security tax is deducted. The typical overtime rate is $5.00 more than the regular hourly rate. Once the journal entry for the payroll is complete, the information is posted to the appropriate general ledger accounts. What are some of the problems faced by West African economies? D. all of the above. d. It allows payroll employees to create ghost employees . A payroll method in which the employee does not handle the paycheck; payment is made by the employer directly to the employee's bank using EFT. General ledger entries are made ______ (after/before) general journal entries. when payroll spans two months. What account would be classified as a liability account? employee income tax payable C) FICA tax--OASDI -payroll adjustments are entered, The first pair of debit and credit columns on the general ledger are for: Solved Question 1: Why would you enter "N/A" on the line for - Chegg What is the total uncollectible estimated bad debt for Growth Markets LLC? $368.07. ACC 301 - Chapter 14 "Stockholders' Equity", Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Financial Management, Concise Edition, Don Herrmann, J. David Spiceland, Wayne Thomas, Lecture 7 - biological basis of language Part. payroll register. a percentage of the previous week's gross payroll. The reports are identical and provide necessary redundancy. Wages Expense The amount on the employee earnings record used to determine if certain payroll taxes apply to an employee's earnings is (A) net pay. Salaries Payable The employees' gross earnings are posted to which General Journal account? The payment of payroll taxes to the government is referred to as a The garnishment that takes priority over all others is: Expenses area A) True payroll accounting \\\hline (B) during the month following each calendar quarter. The purpose of a labor report is to do what? Multiple select question. What was his overtime premium pay for this workweek? Study with Quizlet and memorize flashcards containing terms like a business form used to record payroll information os, the total earnings paid to an employee after payroll taxes and other deductions, a business form used to record details affecting payments made to an employee is and more. Study with Quizlet and memorize flashcards containing terms like All the payroll information needed to prepare payroll and tax reports is found on (A) Form W-4 and the employee earnings record (B) Form W-4 and the payroll register (C) the payroll register and the employee earnings record (D) Form W-4. with the Form 940 reconciliation at the end of the year. (D) an asset account. C) $50.70 other garnishment.. A. c. is used to record Workers' Compensation premiums paid by the employee. False. In recording the monthly adjusting entry for accrued wages at the end of the C. Payroll Taxes (D) state unemployment tax. d.Only "A payroll register" and "The employee's earnings record" are correct. D) an administrative wage garnishment Apart from recording of payroll and payment to employees, what other payroll related journal entries would be recorded? Which amounts on the payroll register reduce Federal withholding tax but are not deducted for FICA tax computations? payroll report interface. Production supervisor (D) none of these. c.Employees who earn more than $44,000 per year Accounting reports provide managers with insights into company profitability and stability. (B) an expense account True (D) January 31 of the following year. -after journal entries are recorded, The second set of debit and credit columns in a general ledger show: True False, The Form 940 is the source document for all employee payroll journal entries. Study with Quizlet and memorize flashcards containing terms like The _____ is a multicolumn form used to assemble and summarize the data needed at the end of each payroll period. What is the production-volume variance in 2017 when the denominator level is (a) theoretical capacity, (b) practical capacity, and (c) normal capacity utilization? b. What is the learning rate at peak efficiency? four employees. c. it is not necessary to even enter the data since the time-keeping device synchs with the payroll register, employee earnings record, paychecks, etc. completing the journal entry to record the payroll. Payroll Taxes B) using the same amounts as the prior month's adjustment. A Company who credits the cash account cannot pay their employees by check. -Transactions from the general journal are posted to individual accounts. unemployment tax payable-state (multiply salary expense by 5.4%). General ledger State unemployment tax. The letters denote which journal the entry correlates. Union dues withheld d.All of these choices are correct. Multiple choice question. The employee earns more than the federal minimum wage. Payroll Accounting 2018 CH 7 Flashcards | Quizlet Employee taxes payroll register employee's earnings record employee history record personnel record, The information provided in the payroll register is used primarily to meet the requirements of the Fair Labor Standards Act. Since FUTA tax is paid only once a quarter, the FUTA tax expense is recorded only at the time of payment. The issuance of checks to employees would reduce:(which account).
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